Join our daily newsletter At The Bell to receive exclusive market insights
- Tlou Energy (TOU) raises $2 million for the development of its Lesedi power project in Botswana, Africa
- The company issued more than 57 million new ordinary shares to a new strategic investor via an entity controlled by high net worth investor Dr Ian Campbell
- Shares were priced at 3.5 cents, representing a 34.6 per cent premium to Tlou’s closing price of 2.6 cents on November 3
- Dr Campbell is also working with the company to potentially secure an additional funding package so it can fast track its target of generating 10 megawatts of power
- Tlou ends the day 15.4 per cent in the green to close at 3 cents
Tlou Energy (TOU) has raised $2 million for the development of its Lesedi power project in Botswana, Africa.
The company issued roughly 57.1 million shares to a new strategic investor via an entity controlled by high net-worth investor Dr Ian Campbell.
Shares were priced at 3.5 cents, representing a 34.6 per cent premium to Tlou’s closing price of 2.6 cents on November 3 and a 44 per cent premium to the 15-day volume-weighted average price of 2.43 cents.
Dr Campbell now holds an 8.69 per cent interest in Tlou and has the right to nominate one director to Tlou’s board if his holding exceeds 9.99 per cent.
“We have been working to secure the next series of funding partners for the company for some time and we are delighted to have reached an agreement with the first of these being Dr Ian Campbell who has invested at a premium to the prevailing share price,” CEO Anthony Gilby said.
Tlou is also negotiating with Dr Campbell for an additional tranche of development capital to advance its initial target of 10 megawatts of power generation.
Dr Campbell has reportedly indicated to the company that he’ll work with it to secure additional funding.
Tlou has ended the day 15.4 per cent in the green to close at 3 cents.
